Market steady
New Zealand sharemarket steadied yesterday, with investors mainly opting to sit out exchange rate volatility and uncertainty about offshore market trends.
The Barclays index finished 0.27 points lower at 1971.75 on a mixed performance by the leading stocks, as only 6.3 million shares were traded.
Mr Patrick Lee, of the Christchurch office of United Sharebrokers, said that after good overnight performances by world markets trading opened with a firmer bias. "In the afternoon, however,
the market failed to sustain its gains because of an indifferent performance by the Australian market affecting dual-listed stocks. "In Australia both Westpac and National Australia Bank announced strong profit rises, but these appeared to have been anticipated. Locally most interest centred on I.E.P. as it announced its proposed take-over for al! the shares in the U.S. company, Smith International. “Interest rates, as gauged by Government stock, remained sticky, and unable to break into a downward trend,” Mr Lee said.
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Press, 19 May 1989, Page 16
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156Market steady Press, 19 May 1989, Page 16
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